Shell will reduce around 20% of the deals team's workforce

According to a report by Bloomberg News on Wednesday, the oil firm Shell intends to slash staffing levels in its deals team by at least 20% in an attempt to save expenses.

The division, which employs several hundred people to handle mergers and acquisitions for Shell, informed its staff that there would be a major workforce reduction and that further information would be provided in April, according to the article.

According to a corporate representative, "Shell aims to create more value with less emissions by focusing on performance, discipline, and simplification across the business."

"Achieving those reductions will require portfolio high grading, new efficiencies and a leaner overall organisation."

Since taking over in January of last year, Wael Sawan, the CEO of Shell, has committed to changing the company's approach to concentrate on higher-margin projects, maintain oil output, and increase natural gas production.

As part of the CEO's push to increase earnings, the firm announced in October that it would reduce its hydrogen business and lay off around 15% of its personnel at its low-carbon solutions division.

(Sources: investing.com, bloomberg.com)